Global Saudi Initiative to Support Innovation in Desalination Industry

The Innovation Driven Desalination conference was organized by the Saline Water Conversion Corporation, in partnership with the International Desalination Organization (IDA). (Photo: Asharq Al-Awsat)
The Innovation Driven Desalination conference was organized by the Saline Water Conversion Corporation, in partnership with the International Desalination Organization (IDA). (Photo: Asharq Al-Awsat)
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Global Saudi Initiative to Support Innovation in Desalination Industry

The Innovation Driven Desalination conference was organized by the Saline Water Conversion Corporation, in partnership with the International Desalination Organization (IDA). (Photo: Asharq Al-Awsat)
The Innovation Driven Desalination conference was organized by the Saline Water Conversion Corporation, in partnership with the International Desalination Organization (IDA). (Photo: Asharq Al-Awsat)

An international conference hosted by Jeddah revealed a Saudi initiative to support innovation in the desalination industry.

The Innovation Driven Desalination conference, organized by the Saline Water Conversion Corporation in partnership with the International Desalination Organization (IDA), was held in Jeddah on Tuesday in the presence of Minister of Environment, Water and Agriculture, Eng. Abdul Rahman Al-Fadhli.

On this occasion, the Governor of the Saline Water Conversion Corporation, Eng. Abdullah Al-Abdul Karim, announced a global award that aims to support and encourage innovation in the desalination industry.

The award, with a total value of USD 10 million divided over three years, will focus on the decrease of energy consumption and capital and operating costs, the use of new technologies, opportunities for business model transformation, and future analytical studies related to innovation.

The award targets researchers in public and private centers, universities, entrepreneurs, and employees of companies operating in the desalination industry at the local, regional and global levels.

Abdul Karim emphasized the Corporation’s keenness to promote and support innovation, in line with the Kingdom’s Vision 2030 and the Green Saudi Initiative.

Meanwhile, Saudi Arabia’s Deputy Minister of Environment, Water and Agriculture underlined the Kingdom’s success in facing the challenge of national food security during global events.

Eng. Mansour Al-Mushaiti told Asharq Al-Awsat that one of the pillars of food security was local production and Saudi external investments.

He stressed that the Saudi Agricultural and Livestock Investment Company (SALIC), which is owned by the Public Investment Fund (PIF), has increased its capital and promoted its foreign investments in several countries including India, Australia, Canada and Ukraine, with the aim to secure supply chains.

“Today, many of our activities and projects have begun to bear fruit and achieved the desired goals, including the improvement of all macroeconomic indicators,” Al-Mushaiti said.

He noted that the agricultural sector’s contribution to the GDP was estimated at SR 63 billion.

The Saudi official added that the ministry had a busy calendar with many activities targeting the strengths in the field of agriculture and focusing on the crop structure and the comparative advantage of each region.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.